Start using Credit Card Processing for your Law Firm.
If your firm only accepts cash or check payments, you may be limiting your practice’s income. A 2018 US Consumer Payment Study found that 80% of consumers prefer spending with a credit or debit card over cash¹. As paper checks become an obsolete form of payment, consumers expect to pay with a credit or debit card. Just imagine a potential client choosing between you and another firm based on which firm provides more payment options. It happens. According to Law Technology Today, 28% of clients choose a law firm based on their ability to accept credit cards. By accepting credit and debit cards, not only will you have the ability to attract more clients, increasing revenue, you will also make the collection process simpler and faster.²
Prefer Paying with a Credit or Debit Card ¹
So, what exactly is credit card processing, and how can it help your firm? Simply stated, credit card processing is an automated acceptance and settlement process that allows transactions to be deposited directly into your law firm’s bank account. This payment method is more efficient than processing checks, allowing you to become more productive and focus on your law practice. At the same time, accepting credit and debit cards at your law firm helps streamline operational costs and cut down on overhead and collections by managing accounts receivables more efficiently, lowering costs.
Cash in the bank today is better than a check in the mail tomorrow. Your law firm can eliminate wasting time and administrative resources following up with clients to collect unpaid bills. You’ll get invoices paid right away and reduce bad debt and accounts receivable balances for a much healthier cash flow for your law practice. In addition, accepting credit and debit cards creates the impression you are a forward-thinking company and will enhance your law firm’s image. Clients love it because it’s easy, and they can spread out payments by using a credit card. What’s more, consumers can often earn miles and reward points when using a credit card. Accepting card payments is an excellent service that can help land new clients and add to their perks while giving them access to your legal expertise.
Do your research, and you will discover that not all card processing companies for the legal industry are the same. When considering a merchant processor, you’ll want to find the most fully-featured payment processing solutions available to the legal industry at the lowest rate possible. Payment processing solutions include in-office, online, over-the-phone, and mobile. Some processors may have limitations on the types of payments accepted, while industry leaders, such as LexActum, provide their clients the flexibility to take all kinds of credit cards, debit cards, and ACH(e-check) processing. With leading merchant processors, your law firm can accept Visa®, MasterCard®, American Express®, Discover®, Diners Club®, JCB, Debit/ATM, and private label cards as well as PIN Debit and Signature Debit transactions.
At LexActum, set up time is quick and easy. Merchant account applications are processed immediately, and your law practice is ready to process credit card sales within 24 to 48 hours. For a free statement audit, or to get started, Call us at 321-972-9838.